We enable Retail Banking Excellence with generous support from IBB.
In 2015 we submitted an application for a development subsidy to the Pro FIT program of the Investitionsbank Berlin (IBB). We’ve been granted a subsidy to fasten the technical development of the Account Switch Kit and intensify the go-to market strategy.
IBB’s prestigious and competitive Pro FIT program is supported by the European Union Regional Development Fund. Pro FIT aims to boost the intensity of research, development and innovation in Berlin’s economy – especially in the innovation clusters.
The subsidy from IBB serves to develop a fully digital, automated account switch kit that enables customers to switch their bank accounts in less than 10 minutes. After logging in with the online banking details from the old bank the Finreach system analyses the transaction history of the last 12 months and displays the relevant information of each payment partner. In a next steps the customer can approve all direct debits and standing orders, transfer the balance and close the old account. FinReach sends out notifications to the payment partners to inform them about the new banking details of the customer. Apart from that product the attained IP and technology during the Pro FIT program is going to
be used in products still to come.